Shopify’s headquarters in Ottawa, Ontario, Canada. Picture: REUTERS/CHRIS WATTIE
Ottawa-based Shopify said gross merchandise volume grew to $42.2bn in the second quarter, up 40% from the same period last year. The number represents the sales made by online merchants through Shopify’s platform, for which the company charges fees. “Historically, most businesses were created offline and moved online. That’s no longer the case,” Finkelstein said, noting that every 28 seconds, a new entrepreneur makes their first sale on Shopify. Companies that use Shopify’s online selling software, then decide to open physical shops, are likely to use the company’s point-of-sale product when they do, he said.
“They beat on our gross margin estimates for both line items, the subscription revenue side and the merchant solutions side,” Jefferies analyst Samad Samana said after the results. “A big driver was that their operating expenses were just a lot lower than we were estimating.”
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